HORIZONS HEUREUX : revenue, balance sheet and financial ratios

In 2024, HORIZONS HEUREUX achieves revenue of 3.7 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +14.4%. Vs 2023, growth of +11% (3.4 M€ -> 3.7 M€). After deducting consumption (229 k€), gross margin stands at 3.5 M€, i.e. a rate of 94%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.0 M€, representing 28.0% of revenue. Positive scissor effect: EBITDA margin improves by +2.4 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 532 k€, i.e. 14.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 77%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 47%. This high autonomy means the company finances most of its assets through equity, a sign of strength. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 5.5 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 18.8% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

The liquidity ratio (= Current assets / Current liabilities) stands at 144.55. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months. The interest coverage ratio (= EBIT / Interest expenses) is 7.6x. Operating income very largely covers interest expenses: high safety margin.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 32 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 93 days. Excellent situation: suppliers finance 61 days of the operating cycle (retail model). Inventory turnover is 1 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 127 days of revenue, i.e. 1.3 M€ to permanently finance. Over 2016-2024, WCR increased by +243%, requiring additional financing.

Based on 153 transactions of similar company sales (all years), the value of HORIZONS HEUREUX is estimated at 6 280 594 € (range 3 303 663€ - 9 751 589€). With an EBITDA of 1 040 717€, the sector multiple of 7.1x is applied. The price/revenue ratio is 1.61x (premium valuation). This multiples method compares the actual sale price of similar companies to their financial indicators (Revenue, EBITDA, Net Income). It provides a market-based indicative estimate.